SCB Jumpstart Reviews and Comparison - Seedly
 

SCB Jumpstart

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  • Reviews (22)
  • Questions (6)
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SCB Jumpstart

Up to 2% p.a.
INTEREST RATES
None
MIN. INITIAL DEPOSIT
None
MIN. AVG DAILY BALANCE

    SCB Jumpstart

    Up to 2% p.a.
    INTEREST RATES
    None
    MIN. INITIAL DEPOSIT
    None
    MIN. AVG DAILY BALANCE
Reviews (22)

4.8

22 Reviews

  • 5
    18
  • 4
    4
  • 3
    0
  • 2
    0
  • 1
    0

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saving account

open account

application process

fuss free

bank online

debit card

grab voucher

application account

free account

jumpstart account

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  • Updated 5d ago

    Purchased

    SCB Jumpstart

    Easy to apply. Account is set up immediately. Easy to understand too. No hidden costs. The account is also free. No fees. Only limitation is the age. It’s a good idea to open and keep the account while you can. [Application Process] [Fuss Free]
    0 comments
    0
  • Updated 2w ago

    Purchased

    SCB Jumpstart

    Like the SCB in Woodlands civic centre and online portal so far so good compare to other local banks
    0 comments
    0
  • Updated 3w ago

    Purchased

    SCB Jumpstart

    TL;DR - it‚Äôs a Great savings account to have! [Application Process] Opened my account online, was very simple and pleasant. Had my account opened very quickly. [Online Banking] Easy to use application ūüĎćūüŹľ [Interest] Though it‚Äôs only up to 20k, good for those who‚Äôre just starting out in their jobs.
    0 comments
    0
  • Posted on 15 Dec 2019

    Purchased

    SCB Jumpstart

    [Interest] Signed up for this account because people were raving about the 2% p.a interest rate. Since I just started working, I was looking for an account that can help me grow my money into something more, without the need of signing up for a high commitment endowment plan from insurance companies. Have been using it for 2 months now, where I will credit a portion of my salary in it. [Application Process] Application took some time. Applied online on end October, account was only activated > 6 working days later, and I only received my Grab credits on 1st week of December. This was not so usual since many reviews online mentioned how quickly their accounts got activated (my friend also told me that her account was activated within 3 days). But it didn't affect me much since I wasn't in a hurry to use the account. [Online Banking] Web online banking interface is pretty good, managed to do transfers from one bank to another. Have not tried the mobile banking interface yet so can't comment on that. [Others] SC doesn't have as many ATMs/branches as the other banks, so it kinda allows you to control yourself and not touch the money in the account. Yes, there is a free debit card, but I haven't used it yet (only went down to the atm to activate it). Hopefully this is a good start to my savings journey!
    0 comments
    0
  • Posted on 06 Dec 2019

    Purchased

    SCB Jumpstart

    Great savings account for young people! Managed to sign up conveniently online, but even though the website stated instant account opening, it took nearly a week after application for my account to be opened. Online banking is quite easy to use, although I was suprised that the mobile banking app inferface is not as well designed as the desktop web inferface. I also recieved a debit card which I have yet to use. Overall, I would recommend this account to anyone who is eligible.
    0 comments
    0
Questions (6)

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SCB Jumpstart

Standard Chartered

Bank Account

Jia Hao Liew
Jia Hao Liew
Level 3. Wonderkid
Answered 2d ago
It's 2% per year. You get interest on the last working day of each month if I'm not wrong.

Bank Account

Savings

Expenses

Fresh Graduates

DBS Multiplier

SCB Jumpstart

Firstly, we need to have a complete understanding on our cashflow. Through this process, we will understand our earning ability and spending habit. Here is a guide to help you: https://www.blog.pzl.sg/understanding-your-personal-cash-flow/ Next, I will suggest for you to have a maximum of two bank accounts for budgeting. The best way to do this is via automation and this is how I do mine: https://www.blog.pzl.sg/how-to-create-a-monthly-budget/ For the salary account, you may consider one of the high yield salary crediting accounts like DBS Multiplier or UOB One. Either way, do your own analysis by understanding your cashflow and choose one that fits into your needs. For the expense account, Standard Chartered JumpStart works well or another other accounts with zero minimum balance works fine. If you plan it right, you won't need three bank accounts or bank accounts for three purposes. In your case, if you were to plan savings and expense within the same account, then there exists temptation to use more money than you actually need. (Check the post on how to create a monthly budget for more details.) Here is everything about me and what I do best.

Investments

Savings

Bank Account

Payments

Lifestyle

DBS Multiplier

SCB Jumpstart

SW
Shaun Wq Lim
Level 6. Master
Answered 4d ago
Please be aware that there are some changes to the DBS Multiplier account from 1 Feb 2020. Salary and dividend credit will be grouped under income category. And cap of $25000 for salary + 1 other category interest rate. Something you may want to think about after the 12 months recognition for the investment RSP ends.

Savings

Bank Account

SCB Jumpstart

Standard Chartered

According to the terms, there is no minimum deposit required and no fall-below fee. Therefore, you are able to open the account without putting any money inside the account. That being said, most banks will close the account if there is zero balance after a consecutive period of six months. Therefore, I will suggest for you to consider putting a small amount of money into the account. Here is everything about me and what I do best.

SG Budget Babe

Bank Account

Investments

SCB Jumpstart

Bjorn Ng
Bjorn Ng
Top Contributor

Top Contributor (Dec)

Level 9. God of Wisdom
Answered on 22 Dec 2019
It's great!! Only if you are below 26 though.. 2% pa on 20K. Apart from that, you can consider DBS Mulipliter or UOB One. I am using both because UOB One do not need salary credit as a main criteria. So my salary is to DBS, and my spending is on my UOB card.

Bank Account

DBS Multiplier

SCB Jumpstart

Looks like a fairly solid plan. Jumpstart is a great deal if you meet the age restriction. On the side investment account side, I assume you are planning to keep these accounts running once you leave Singapore. In that case, I would suggest having a think about keeping it all inhouse (ie use SCB for investments as well). The cost would be higher than doing it all separately but it would be much easier later on to manage. If there are any hiccups with the account and/or ad-hoc changes needed, it is going to manage with one provider if you are offshore.

How to maximise the interest rate for SCB JumpStart Savings Account?

Base interest rate(%) p.a.

The base interest rate per annum for SCB JumpStart savings account is 2.00% p.a. for account balances up to S$20,000, all year round.

Benefits from SCB JumpStart Savings Account

There is flexibility in accessing funds anytime and earn competitive interest rates. It also comes with a Cashback debit card with no monthly or annual fees.

Terms and fees for SCB JumpStart Savings Account

  • Initial deposit: None
  • Citizenship status: Singaporeans and PRs with a valid SingPass
  • Minimum age to open account: 18
  • Maximum age to open account: 26
  • Minimum Average Daily Balance: None
  • Fall below fee: Free
  • Early closure fee: Free